Financial literacy counts in new program

Budget restrictions are keeping USC from implementing a comprehensive financial education center, but the new Financial Literacy Education Program is another resource now on campus for students.

Two years ago, USC’s Retention Committee recommended the full-scale center on campus to help students become financially literate. Budget problems prevented the development of this idea, but Susan Weir, director of the Student Success Center, said the need for a resource still remained.

So when university administrators met last summer to discuss an affordable, small-scale solution to this problem, the Financial Literacy Education program was designed.

“The program provides financial information for students that is centralized, up-to-date and accurate,” said Eric Friedman, a graduate assistant who is the program’s coordinator.

The goal of this program is to help students improve their financial literacy, defined by Weir as “a working understanding of financial principles and best practices that enable all people to become fiscally responsible citizens.”

“Skills such as budgeting, debt management, responsible credit card use and related topics are important for students to have,” Weir said. “Students who do not manage their money well are at high risk for dropping out of college.”

Working with Friedman is Beth Scull, an adjunct faculty member in the Moore School of Business who serves as the program’s subject matter expert and consultant.

In a presentation created for the Division of Student Affairs last October, Scull said that only 59 percent of young adults ages 18-29 pay bills on time every month. She also identified a lack of parental guidance in students’ financial affairs.

Housed and funded by the Student Success Center, the program started in Fall 2009 and offers financial advice for both students and parents. One of the resources already available to students and their families is the program’s Web site, which can be found at http://www.sa.sc.edu/ssc/flp.

“The Web site covers many topics including budgeting, taxes, credit, identity protection, student loans, insurance and more from government and not-for-profit sources,” Friedman said.

To continue expanding the program, Friedman said they plan to instill a process to train student mentors this semester.

“Ideally starting in the fall of 2010, this program would allow students to meet with a peer mentor one-on-one or over the phone that would facilitate assistance with personal financial matters,” Friedman said.

Another resource to be developed is an interactive online module for classes and groups. Weir said that the online Financial 101 module was purchased last fall and will be used with the Personal Finance course as well as for other student groups.

So far, Friedman said the program has been presented to faculty, staff and one University 101 class. The response was positive, and the goal is to promote the program more this spring.

“We have started conducting surveys to determine how satisfied students are and what topics would be of the most interest to students,” Friedman said. “We encourage suggestions and ideas from students and their families.”

Students can contact the Student Success Center on the mezzanine floor of Thomas Cooper Library for more information.

“We do not currently have a ‘drop in’ location for students interested in learning more or needing assistance, but long term we would like to see that happen,” Weir said.